Latino Daily News

Peru-Korea Free Trade Agreement Set to Take Effect in April

The bilateral free trade between Peru and South Korea is set to take effect in April, 2011 and is expected to expand trade between the countries five-fold through 2016.

Currently both countries annual trade is valued at $1.4 billion and Peru exports to Korea $749 million worth of Peruvian goods.

Peru’s Deputy Trade Minister, Carlos Posada, has completed the legal review of the document and is expecting signing to occur in March. The trade pact was the result of trade negotiations between Seoul President Lee Myung-bak and Peruvian President Alan Garcia back in November of last year.